Mortgage processing outsourcing has been evolving amidst many regulations over the last few years. As a result, businesses have been forced to outsource tasks and services due to the constantly shifting business environment. As companies adapt to the new normal, outsourcing mortgage loan processing is an increasing trend nowadays. The firms that specialize in providing these outsourced services, such as…
mortgage process
Time is of the essence when it comes to mortgage loan processing since it is one of the core business processes of banks and lenders. The process generally spans across various touchpoints, multiple systems, and different departments. These various touchpoints include branches receiving mortgage applications from customers, assessment by headquarters, acceptance by customers and finally disbursements. Since it is still…
The average time taken to close a standard mortgage loan is around 5 weeks. This is because, a loan application has to go through more than 30 touchpoints such as assessment of creditworthiness and underwriting tasks before reaching the approval stage. Sometimes the average time can get longer because of some factors that are beyond the control of the lender….